Simultaneous Release at
Good day forex traders and readers.
In the previous EUR/USD forecast we noted that the immediate support was 1.3680 followed by 1.3620. While both the US and the Euro Zone gave disappointing economic releases, the Euro currency remained well bid. Early into the trading week, the interim EUR/USD forecast noted a bias to the downside.
Looking at the EUR/USD daily chart above we note that the currency pair had a strong bearish momentum throughout the week. The immediate support posed little defense for the downside pressure.
The EUR/USD is now at a support region around 1.3480. I have highlighted the previous occurrences on the technical chart in red. Should this support fail, we may be looking at 1.34 and beyond. Any bullish return will probably need to overcome the resistance region of 1.36 – 1.3620 which I highlighted in green. Should the momentum pushes it beyond, the extended bullish target will be 1.38.
Do note that the bollinger bands had widen considerably indicating volatility. Caution is advised.
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.
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